Clinton Group's patience with ValueVision Media is running out quickly.

The activist hedge fund said it would sue the television and Internet sales company if it did not call a special shareholder meeting, at with Clinton plans to seek the ouster of its entire board of directors. Clinton has blasted ValueVision's performance, and earlier this month teamed with hedge fund Cannell Capital to launch a proxy battle.

The two firms collectively own more than 10% of ValueVision shares, which they say gives them the right to demand a special meeting. ValueVision has countered that they have no such right under Minnesota law.

"Our lawyers will be in touch on this technical point and, if you so demand, we will have it adjudicated by a court," Clinton wrote to the company today. But the hedge fund doesn't appear eager to turn the matter into a legal battle.

"Call of the law firms, publicists, proxy solicitors, investor relations professions and executive recruiters (and all their unavailing and flimsy delay tactics) and do the right thing as a fiduciary: Put in place the strong board we have recruited," Clinton wrote.

The hedge fund wants ValueVision CEO Keith Stewart and Chairman Randy Ronning to step down, and accuses Ronning of refusing to call the meeting to prolong his tenure. ValueVision has called a special meeting for March.

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